Categories LATEST, Other Industries

Pfizer’s long-time CEO Ian Read to hand over reins to Albert Bourla

There were announcements from two giant companies in different sectors about the change in their CEOs Monday morning; pharma giant Pfizer (PFE) and industrial conglomerate General Electric (GE). Pfizer announced that its long-time CEO Ian Read will be replaced by its current COO Albert Bourla from the beginning of 2019, while GE appointed Larry Culp as CEO and Chairman replacing John Flannery effective immediately.

Ian Read, Pfizer CEO
Ian Read, current CEO                                   Image Courtesy: Pfizer

The chartered accountant who joined the pharma company as an operational auditor 40 years ago became the executive chief in 2010 after handling various positions in the company. During Read’s eight-year tenure as CEO, Pfizer has got 30 FDA approvals, increased its annual dividend by 70% and achieved a total shareholder return of 250%. Read will move to a new role, Executive Chairman from next year.

Albert Bourla, new CEO
Albert Bourla, CEO designate                       Image Courtesy: Pfizer

 

 

Dr. Albert Bourla, who started his career in Pfizer as a technical director 25 years ago, held various positions before assuming the COO role from the beginning of this year. Under his leadership within four years, the Pfizer’s oncology business tripled in size and the vaccines business grew by 50%. Albert is a Doctor of Veterinary Medicine and holds a Ph.D. in the Biotechnology of Reproduction from the Veterinary School of Aristotle University.

The Scottish-born pharma giant head received a 61% pay hike last year with a condition of staying with the company until next March. This amounted to a total payment of $27.9 million, thus making Read as one of the highest paid CEOs of S&P 500 companies.

It is worth noting that President Donald Trump criticized Pfizer and other pharma companies for raising the drug prices in July this year. Responding to the criticism, Read spoke to Trump and deferred the planned increases of drug price hikes.

Shares of Pfizer reached a new 52-week high ($44.52) on Monday’s trading and closed at $44.27, up 0.45%. The stock has gained 22% so far this year and 24% in the past one year.

Trump’s message doesn’t hurt Pfizer and other drugmakers

Most Popular

Earnings Preview: Home Depot’s Q3 report likely to reflect weak consumer demand

The US housing industry has been mostly resilient to headwinds like economic uncertainties so far this year. However, housing activity cooled in recent months as high mortgage rates and inflation

Take-Two Interactive (TTWO) will report Q2 2025 earnings this week, a few points to note

Shares of Take-Two Interactive Software, Inc. (NASDAQ: TTWO) stayed red on Monday. The stock has gained 16% over the past three months. The gaming company is set to report its second

Earnings Summary: Highlights of Loews Corporation’s (L) Q3 2024 report

Loews Corporation (NYSE: L), a diversified company with businesses in the insurance, energy, hospitality, and packaging industries, on Monday reported higher revenue and profit for the third quarter of 2024.

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top